Iran oil sanctions: US extends waiver for India, China

Iran oil sanctions: US extends waiver for India, China

The US has extended waivers that exempt nine countries, including India and China, from fully complying with American sanctions targeting Iran's oil exports, citing their significant reduction in oil import from Tehran.

The US and the international community remain committed to maintaining pressure on the Iranian regime until it fully addresses concerns about its nuclear programme, US Secretary of State Hillary Clinton said in a statement.

"That's why today I am pleased to announce that China, India, Malaysia, Republic of Korea, Singapore, South Africa, Sri Lanka, Turkey and Taiwan have again qualified for an exception to sanctions outlined in Section 1245 of theNational Defence Authorisation Act (NDAA) for Fiscal Year 2012, based on additional reductions in the volume of their crude oil purchases from Iran," she said.

As a result, Clinton said, she will report to the Congress that exceptions to sanctions under the Iranian sanctions act for certain transactions will apply to thefinancial institutions based in these countries for a potentially renewable period of 180 days.

This is for the second time that countries including India has received waiver from US under the Iranian sanctions act.A total of 20 countries and Taiwan have been granted the waivers.

The others - Belgium, Britain, the Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Spain and Japan - will come up for review in March.Clinton said these 20 countries and economies have continued to significantly reduce the volume of their crude oil purchases from Iran.

The US says the exemptions are a sign that pressure on Iran is increasing.According to the latest US Energy Information Administration report to Congress, Iran's oil production fell by one million barrels per day in September and October 2012, compared to the same period in 2011.

"This has reduced Iran's export volumes and oil revenues, which fund not only the nuclear programme but its support for terror and destabilising actions in the region," Clinton said.

Image: : A general view of an oil dock is seen from a ship at the port of Kalantari in the city of Chabahar.Photographs: Raheb Homavandi/Reuters.